Photo Source: Babushahi Bureau
PHDCCI welcomes GOP’s One-time Settlement (OTS) Policy
Industries will get relief from Punjab government's one time settlement schemes : Gilhotra
Babushahi Bureau
Chandiagrh, March 3, 2025: PHD Chamber of Commerce and Industry has welcomed the Government of Punjab’s recently announced One-Time Settlement (OTS) Policy, which will help clear dues on industrial plots allotted by Punjab State Industrial Export Corporation (PSIEC) before January 2020 and address the pressing issue of arrears on industrial plots, due to increased land cost, which has been a source of concern for many industrialists in the state.
After cabinet meeting PHDCCI Punjab chair karan Gilhotra said that, Punjab Government’s initiative to introduce the OTS policy, which will undoubtedly help industries continue their operations uninterrupted, and by clearing past dues, it will allow businesses to focus on expansion and innovation.
“We extend our deepest gratitude to Hon’ble Chief Minister S. Bhagwant Singh Mann, who has demonstrated a progressive approach to industry development”, he added.
The policy is expected to generate a win-win scenario for both the industry and the government. For the industrial community, it offers an opportunity to resolve outstanding dues without the added pressure of prolonged legal battles and penalties.
He said that Under the new policy, the industrialists will only need to pay simple interest at an 8 percent rate by December 2025, as the government has waived compounding and penal interest.
Gilhotra said that this progressive initiative which seeks to ease the financial burden on industries, helping them resolve outstanding payments and revitalize their operations for a more robust industrial ecosystem in Punjab.
For the state government, it ensures a faster recovery of dues while incentivizing industries to re-invest in growth, innovation, and job creation.